Infrastructure Progress Advances Marmato 2026 Gold Production Goals

Aris Mining (TSX: ARIS; NYSE: ARIS) confirmed the completion of an underground infrastructure connection at its Marmato gold mine in Colombia. The development involved connecting a new surface decline to the existing underground mining workings.

This cross-cut connection serves as a technical step for the ongoing expansion project, which includes the construction of a 5,000 tons-per-day carbon-in-pulp (CIP) plant. The company stated that the infrastructure is currently on schedule to support the initiation of gold production in the fourth quarter of 2026.

Neil Woodyer, Chair and CEO of Aris Mining, stated: “The on-schedule connection of the new surface decline to the existing underground development is a major milestone for Marmato and an important step in delivering our expansion plans.”

The Marmato expansion is part of a broader strategy intended to increase the company’s annual gold production. Aris Mining aims to achieve a combined output of approximately 500,000 ounces per year from its Segovia and Marmato operations. The Segovia mine previously expanded its operational capacity following the installation of a second mill in June 2025.

The company maintains a long-term production objective of approximately 1 million ounces of gold annually. This target incorporates potential production from the Toroparu gold project in Guyana, where a prefeasibility study is currently underway. Aris Mining expects a construction decision regarding the Toroparu project in early 2027.

Regarding its portfolio in Colombia, the company is finalizing environmental studies for the Soto Norte gold project. Aris Mining plans to submit these documents for the licensing process during the second quarter of 2026.

Photo (© Loren Moss) illustrative only (Not marmato mine)

Sector adapts to investment decline through secondary asset markets.

The mining industry in Colombia is undergoing a structural transformation as companies prioritize operational efficiency to navigate a challenging economic environment. Recent industry data shows the mining Producto Interno Bruto (GDP) contracted by approximately 8%, while foreign direct investment has experienced a notable downturn. This trend has prompted firms to seek innovative financial strategies to maintain sustainability and competitiveness.

A primary strategy gaining traction is the rotation of underutilized industrial assets. By leveraging industrial auctions, companies are liquidating idle machinery—such as excavators, drilling rigs, and heavy-duty power equipment—to recover capital without the necessity of maintaining internal commercial structures. Superbid, a multinational industrial auction platform, has emerged as a key facilitator for these transactions within the region.

“Asset rotation is becoming a strategic decision to free up capital and improve operations.” — Maria Paula Villa Velez, Superbid

This operational shift toward asset-light business models will be a central topic at MINEXPO Colombia 2026, which is scheduled to take place on April 15 and 16 at Plaza Mayor Medellín. The event serves as a platform for mining producers, suppliers, and investors to discuss strategies for financial optimization and industrial reindustrialization.

The secondary market for industrial equipment has expanded significantly as mining companies divest assets no longer essential to their core operations. This machinery is being repurposed in the infrastructure, construction, and energy sectors, thereby extending the lifecycle of the assets and contributing to circular economy objectives. Market participants have observed increased competition for this equipment, with buyers consistently acquiring assets at market-determined values.

Looking toward the remainder of 2026, industry analysts expect the integration of these efficient asset management models to accelerate, particularly in regions such as Antioquia, where the nexus of mining and infrastructure projects remains a critical economic driver.

“Today the mining sector is understanding that efficiency is not only in producing, but in better managing its resources,” stated Maria Paula Villa Velez, sub-manager at Superbid Medellin. “Asset rotation is becoming a strategic decision to free up capital and improve operations.”

Digital services now comprise 3.5% of Colombia’s GDP.

The Asociación Colombiana de BPO (BPrO) has scheduled the 2026 CX Summit to take place in Cartagena, Colombia. The event, marking the 25th anniversary of the gremio, will gather more than 1,300 business executives and international specialists to analyze the evolution of the customer experience industry. The summit occurs as Colombia solidifies its position as a regional hub for knowledge-based services, a sector that currently represents approximately 3.5% of the national gross domestic product.

Scheduled for May 6 and 7, 2026, at the Hotel Hilton Cartagena, the conference will operate under the theme The Age of Intelligent CX. Discussions will focus on the integration of artificial intelligence, data analytics, and human empathy within digital economies. According to Ana Karina Quessep, executive president of BPrO, the integration of technology and human talent has become a critical factor for corporate and national competitiveness in demanding global markets.

“The organizations that manage to integrate intelligence, technology, and human talent are those making the difference in increasingly demanding markets.” — Ana Karina Quessep, Executive President of BPrO.

The speaker lineup includes Brad Cleveland, a strategist in customer experience; Tricia Wang, an ethnographer focusing on the intersection of data and human behavior; and Lisa X. Walden, an author specializing in workplace culture. Other confirmed participants include Efrén Martínez and Nicolás Uribe, who will address organizational well-being and digital transformation in Latin America.

On May 5, prior to the main summit, BPrO will host the GBS Experience. This session is designed to examine Colombia’s role as a strategic platform for Global Business Services and shared service centers. In collaboration with Chazey Partners, ProColombia, and Invest in Bogota, BPrO is developing a comprehensive study of the 2026 industry figures. This research aims to serve as the official reference for the Centros de Servicios Compartidos (CSC) and GBS sectors in the country, providing updated data on their economic impact and operational reach.

The event will include networking sessions and a commercial exhibition featuring representatives from the technology, financial, telecommunications, and retail sectors. Registration and the full agenda are available through the official event website. BPrO currently represents over 100 member companies specializing in customer relationship management and the broader service value chain in the US and Latin America.

Enhanced enforcement seeks to promote family-friendly tourism & unwelcome sex & vice-oriented tourism.

Migración Colombia, Colombia’s immigration agency, has executed the expulsion of two US citizens from Medellín following separate investigations into activities deemed a risk to public security and peaceful coexistence. The administrative measures targeted Steve Newland, a digital content creator known as “Chill Capo,” and Samuel McVey, a former teacher from New York. Both individuals were transported to the Aeropuerto Internacional José María Córdova in Rionegro and placed on a flight to Miami, Florida.

The actions come amid a broader strategy by the Colombian government to address concerns regarding sex tourism and the presence of foreign nationals with outstanding legal issues in their home countries. According to Paola Salazar, the Regional Director of Migración Colombia, the agency has adopted a stricter posture to ensure that Colombia is not utilized as a refuge for individuals linked to fraudulent or illicit activities.

The Case of Steve “Chill Capo”Newland

Steve Newland, a 42-year-old US citizen born in Willingboro, New Jersey, had been residing in Medellín since 2022. Operating under the digital brand “Chill Capo,” Newland promoted luxury lifestyle experiences and nightlife events. However, an investigation by Migración Colombia determined that Newland used his digital platforms to promote encounters with alleged purposes of sexual exploitation.

“Lo están esperando y lo capturan, (they are waiting for them and they will capture them)” stated Federico Gutiérrez, the Mayor of Medellín, referring to the coordination with US authorities regarding the return of the individuals.

The agency reported that Newland’s content included advice on how to evade immigration controls at the airport, such as using false medical certificates or simulating injuries to bypass rigorous inspections. His publications also mentioned accommodations linked to historical criminal figures, specifically the penthouses de Pablo Escobar, and provided instructions on how to avoid being targeted with escopolamina during social outings. Following the investigation, authorities confirmed Newland was in an irregular migration status. He has been banned from reentering Colombia for a minimum of five years.

Newland has publicly denied the allegations via his social media channels. He asserted that his primary objective was to educate visitors on safety and help them avoid dangerous situations. Newland claimed that his events were legal, safe, and conducted in collaboration with established Colombian businesses in the Parque Lleras district. He further contended that his visa had been renewed multiple times since 2022, suggesting that any illegal activity would have prevented such renewals. Newland challenged authorities to present specific evidence or identify victims related to the claims of exploitation.

#Noticia | Influenciador estadounidense que promovía turismo con fines de explotación sexual en Medellín, fue deportado por Migración Colombia.
El extranjero no podrá ingresar al país en los próximos cinco años, luego de este tiempo tendrá que solicitar una visa. pic.twitter.com/9QhZKJ7C8X

— Migración Colombia (@MigracionCol) April 11, 2026

Samuel McVey: School Incidents and US Warrants

In a separate incident, 46-year-old Samuel McVey, who was fired as a primary school teacher but styles himself as “Chief Executive Officer @ McVey International Group” on LinkedIn, was expelled following a series of disturbances at educational institutions in the Valle de Aburrá (Metro Medellín) and the city’s eastern Antioquia bedroom community of Rionegro. On April 8, 2026, McVey reportedly entered at least three schools in the wealthy Las Palmas sector of Medellín, where he allegedly initiated confrontations and made threats against staff and students. He subsequently traveled to Rionegro, where he attempted to gain entry to the Colegio Monteluna in Llanogrande by posing as an English language instructor.

When denied access, McVey reportedly directed threats toward students, prompting school officials to contact the Policía Nacional. He was apprehended by units from the Estación Llanogrande near a local strip mall. Manuel Villa Mejía, the Secretary of Security and Coexistence of Medellín, described McVey as a risk to the community and confirmed that the individual was in a state of high agitation upon his detention.

Investigation into McVey’s background revealed that he is a fugitive from New Rochelle, New York. In the United States, McVey faces charges of aggravated harassment in the second degree, a misdemeanor. The charges stem from an investigation by the New Rochelle Police Department involving threats made against Dr. Corey W. Reynolds, the Superintendent of the City School District of New Rochelle. McVey, a former Spanish teacher at Isaac E. Young Middle School, was terminated in early 2026. New Rochelle authorities had issued two bench warrants for his arrest after he failed to appear for court proceedings on March 26 and April 1, 2026.

Despite the outstanding warrants, the New Rochelle Police Department noted that they do not typically extradite individuals for misdemeanor offenses. Consequently, Colombian authorities processed his departure as an immediate expulsion based on his conduct within Colombia. McVey has been prohibited from entering Colombia for ten years.

Regional Enforcement Trends and Peak Travel Season Operations

The expulsions of Newland and McVey come after a larger enforcement effort during the 2026 Semana Santa (Easter Week) season. Migración Colombia reported that enhanced controls at airports and land borders resulted in the detection of numerous foreign nationals with irregular status or criminal backgrounds.

Specific cases identified by the agency during this period include:

• In Leticia, Amazonas, a Peruvian citizen was detained at a hotel; the individual was the subject of an Interpol Red Notice for alleged crimes against public health.
• In Ibagué, a Venezuelan citizen wanted by Peruvian authorities under an Interpol Red Notice for aggravated theft was arrested in a joint operation with the Policía Nacional.
• In Facatativá, another Venezuelan national was apprehended for an Interpol Red Notice involving charges of human trafficking for sexual exploitation and membership in criminal organizations.
• In Bogotá, two Dominican citizens were expelled after attempting to fraudulently obtain Colombian passports to travel to Europe.
• At the Aeropuerto Internacional José María Córdova, a man and a woman from the Dominican Republic were intercepted while attempting to travel to Peru and Argentina using fraudulent Colombian documentation.
  

  Inadmitted (photo courtesy Migración Colombia)

Statistical Overview of Inadmissibility in 2026

In the first quarter of 2026, Migración Colombia has denied entry to over 600 foreign nationals. The primary reasons for inadmissibility include state sovereignty and security risks (153 cases), lack of required visas (133 cases), and insufficient documentation (104 cases). Additionally, 89 individuals were rejected for providing false information during immigration interviews, while 34 had documented criminal records.

The agency also noted a specific focus on preventing the Explotación Sexual Comercial de Niños, Niñas y Adolescentes (ESCNNA). Through cooperation with international intelligence agencies and the Angel Watch platform, 471 individuals have been denied entry since 2016 for reasons associated with sexual offenses. At the Rionegro terminal alone, 31 inadmissibility cases have been recorded so far in 2026 related to potential sex tourism risks.

The Director General of Migración Colombia, Gloria Esperanza Arriero, emphasized that while the country remains open to international travel and investment, visitors are required to comply with the Constitución Política de Colombia and national laws. Under Decreto 2136 de 2021, the immigration authority maintains the power to deny entry or order the immediate return of any foreign citizen who poses a risk to national security or public order.

The main nationalities of those denied entry in early 2026 include citizens from the United States (76), the Dominican Republic (64), Ecuador (55), and Venezuela (52).

Video footage courtesy Migración Colombia

Former Foreign Minister Álvaro Leyva releases another scathing attack on his former boss as he fights charges.

On April 10, former Colombian Foreign Minister Álvaro Leyva Durán released a formal statement responding to his indictment by the Fiscalía General de la Nación. Leyva faces charges related to his 2023 decision to declare a passport procurement tender void, a process that involved the private security printing firm Thomas Greg & Sons. The former official characterized the legal proceedings as a politically motivated maneuver orchestrated from the Casa de Nariño.

The indictment for prevarication centers on Leyva’s intervention in the bidding process, which the Fiscalía interprets as a deliberate breach of administrative law. In his defense, Leyva maintained that his actions were necessary to address irregularities and ensure the application of the Constitución Política de Colombia. He argued that the prosecuting body’s thesis would criminalize the conduct of any public servant who identifies unconstitutional terms in a government contract.

“If that argument is accepted, then any official who declares a bidding process void because they find the terms and conditions unconstitutional or illegal should go to jail.” — Álvaro Leyva Durán, former Minister of Foreign Affairs.

Leyva also directed accusations toward his successor at the Cancillería, Luis Gilberto Murillo. According to the statement, Murillo suspended a subsequent legal bidding process to justify a state of emergency, which Leyva claims led to an unnecessary markup of approximately $30 billion COP. Furthermore, Leyva alleged that software contracts exceeding $10 billion COP were improperly managed and that the funds remain unaccounted for under the current administration.

The former minister’s statement included severe personal and political criticisms of President Gustavo Petro. Leyva alleged a lack of moral conduct by the head of state during international state visits and questioned the president’s sobriety in public settings. The letter further asserted that US authorities are currently investigating potential links between the executive branch and narcotics trafficking organizations.

Regarding the domestic political landscape, Leyva warned of perceived risks to the Colombian electoral process. He alleged that the administration has engaged in the illegal interception of political candidates and intends to undermine the integrity of future vote counts. Leyva concluded by affirming his intention to defend his record and his legal decisions before the Corte Suprema de Justicia.

COMUNICADO pic.twitter.com/7YYhoHJD4B

— Álvaro Leyva Durán (@AlvaroLeyva) April 10, 2026

Finance Colombia translation of Leyva’s recent open letter dated April 10th

Some time ago, I denounced in a public communiqué that Gustavo Petro had woven against me an atrocious persecution, as retaliation for my denunciations of his closeness to the world of drugs—denunciations that have led to the United States having him cornered today. There I warned that, from within the government, intrigues were being made to throw me in prison and that attempts would be made against my life.

Now, months later, the Attorney General’s Office accuses me of malfeasance (prevaricato) because I declared void a passport tender that, according to that same institution, was based on a “catch-all specifications document” (pliego sastre). For the accusing entity, I should not have fulfilled the obligation of applying the Constitution that I myself helped draft and, by seeking equality, I acted with malicious intent. The world turned upside down.

Understand the gravity: if that thesis is accepted, any official who declares a tender void because they find unconstitutional or illegal specifications must go to prison. So, faced with such a thing, the trial is welcome. I will give the battle in the Supreme Court with all my strength. Because I trust its magistrates, because my life has been a permanent struggle for Colombia, and because justice, reason, and the law are with me.

The acquittal will be the logical consequence of the process in which I will prove, with official documents and among other things, the following: that I left in motion a new, clean, and legal tender, which Minister Luis Gilberto Murillo suspended. That he thus justified another manifest urgency, completely unnecessary, and added an overcharge of nearly 30 billion pesos to it. And that he contracted software for more than 10 billion additional pesos, which was pocketed. All by hand-picking. All murky. All without control. Thus, by brute force, the door was opened to the passport debacle of today. I warned Petro of what was coming down on the country. But he kept silent.

Today I feel the pride of having helped unmask the boss of the mafia that has plunged Colombia into its darkest hours. I took office as his Foreign Minister with the hope of change. But then I came to know his life of vice and decadence. I was slow to understand his vileness and, surely, also slow to denounce it. But from my father Jorge Leyva Urdaneta, exiled for opposing the dictatorship, I inherited courage and respect for institutions; from Álvaro Gómez Hurtado, I learned the necessity of a just order; and from Misael Pastrana Borrero, I learned to think about social peace. So, faithful to myself and to the spirit of my mentors, I denounced in various letters the moral, political, and personal degeneration that I came to know in Gustavo Petro. And time has proven me right.

The President is an infamous being: international human trafficking is a scourge of the poor girls of Colombia, and he, in the middle of a state visit, ends up as a customer of a brothel in Lisbon; he claims to be a champion of peace, but full of hatred he violently divides society with his stale, classist, and racist rhetoric; he claims to fight drug trafficking, but he goes out into the public square drugged, drunk on alcohol and sectarianism, to mistreat and insult those who contradict him, while in the United States his ties to narcos are being investigated. And so, from scandal to scandal, the horrible night does not cease: the homeland trampled by its own President is today the object of all the mockery abroad.

Petro knows that the upcoming electoral process resembles the one recently lived in Chile. And, to avoid the same result, he illegally intercepts candidates, seeks to destroy them, and is already trying to cast a mantle of doubt over the vote count. But Colombia deserves a new dawn. And the radical left, which—turned into the President’s hooligan squad—forgives him everything, seems condemned to the desert. We shall see whether, in the future, they also forgive him for being responsible for their possible defeat. For my part, I remain ready for all battles: always embracing justice against oppression, and with the law as my spear, shield, and banner.

 

 

Jazz summit fosters US-Colombia cultural and professional ties.

The city of Medellín is preparing for a sophisticated display of cultural diplomacy as the Centro Colombo Americano Medellín and Teatro El Tesoro present Noche de Jazz en El Tesoro. Scheduled for Friday, April 24, at 7:00 p.m., this event serves as a high-profile prelude to International Jazz Day. For the international investment community and expatriate executives, the concert represents more than just a musical performance; it is a testament to the enduring soft-power bridges between the US and Colombia, fostering an environment of innovation and collaborative spirit in the heart of Antioquia.

The performance features the US Jazz Faculty Collective, a premier ensemble directed by Dr. Ryan Middagh. This group highlights the academic and professional excellence of five distinguished jazz educators from the United States. The lineup includes Dennis Wilson, a former Count Basie trombonist and associate professor at the University of Michigan; Dr. Ryan Middagh, the Director of Jazz Studies at the Blair School of Music at Vanderbilt University; Christopher Kozak, an associate professor and jazz director at the University of Alabama; Dr. Marc Widenhofer, a Nashville-based percussionist and faculty member at Vanderbilt University; and Dr. Bruce Dudley, a celebrated pianist and professor at Belmont University.

The Centro Colombo Americano Medellín is the driving force behind this cultural exchange. As a non-profit binational center, the Colombo performs vital work in the region by providing high-quality English language instruction and promoting democratic values through the arts. Their initiatives are critical for the local workforce, equipping Colombian professionals with the linguistic and cultural competencies required to engage with global markets and attract foreign direct investment to the Valle de Aburrá (the greater Medellín metro area).

For those attending, Teatro El Tesoro offers a world-class venue located within the prestigious El Tesoro Parque Comercial shopping center. Tickets are available through Tuboleta. Pricing remains accessible for such a high-caliber performance, with general public tickets starting from $64,000 pesos.

Escalating drought risk is potential bad news for rural communities, power consumers.

The National Oceanic and Atmospheric Administration (NOAA) and the Climate Prediction Center (CPC) have confirmed that ENSO-neutral conditions are currently present in the equatorial Pacific Ocean. However, technical indicators suggest a rapid transition, with a 61% probability of El Niño emerging between May and July 2026. For international investors and executives operating in Colombia, this shift indicates a looming period of increased operational costs, specifically within the energy and agricultural sectors.

The El Niño Southern Oscillation (ENSO) is a recurring climate pattern involving changes in the temperature of waters in the central and eastern tropical Pacific Ocean. During El Niño, trade winds weaken, allowing warm water to move toward the west coast of South America. Conversely, La Niña is characterized by stronger trade winds and cooler ocean temperatures. These fluctuations disrupt global atmospheric circulation, altering rainfall and temperature patterns across the planet.

In Colombia, the effects of these phenomena are distinct and significant. El Niño typically results in a sharp decrease in precipitation and a rise in average temperatures. Because Colombia relies on hydroelectricity for more than 60% of its total power generation, extended dry periods lead to lower reservoir levels. This forces the grid to rely on more expensive thermal generation fueled by natural gas and coal, which historically drives up spot market electricity prices for industrial and residential consumers.

“There is a 25% probability that the index reaches or exceeds +2.0°C during the Northern Hemisphere winter,” according to the National Oceanic and Atmospheric Administration.

The current technical diagnostic from NOAA shows that while the sea surface temperature index in the Niño-3.4 region was recently -0.2°C, the easternmost indices have already moved into positive territory. Furthermore, the equatorial subsurface temperature index has increased for five consecutive months. This accumulation of ocean heat is a primary driver behind the high probability of El Niño persistence through the end of 2026. Some models, including those from the European Centre for Medium-Range Weather Forecasts (ECMWF), suggest a 25% chance of a “strong” or “very strong” event, where temperatures exceed the 2.0°C anomaly threshold.

The Ministerio de Minas y Energía and the Comisión de Regulación de Energía y Gas (CREG) are monitoring these developments closely. A strong El Niño would place additional stress on a natural gas system already facing structural supply constraints. Reduced hydroelectric output coupled with a potential deficit in gas supply could lead to significant energy price volatility. In past events, such as the 2015-2016 cycle, these conditions resulted in substantial financial pressure on the national utility system and necessitated emergency conservation measures.

Agricultural productivity is equally at risk. The Instituto de Hidrología, Meteorología y Estudios Ambientales (IDEAM) has identified the Caribbean and Andean regions—including departments such as La Guajira, Magdalena, and Antioquia—as highly vulnerable. During El Niño, these areas face increased risks of forest fires, water scarcity, and crop failure. For agribusinesses and exporters, this translates to disrupted planting cycles and higher production costs for staples like corn, potatoes, and vegetables, which can fuel domestic food inflation.

Conversely, when La Niña is in effect, Colombia faces the opposite extreme. The cooling of the Pacific leads to excessive rainfall, which can cause devastating landslides and flooding in mountainous terrain. While La Niña can replenish reservoirs, it often damages infrastructure and logistics networks, complicating the transport of goods to port. The current transition out of a La Niña phase provides a brief window of ENSO-neutral stability, which the CPC estimates has an 80% chance of lasting through June 2026.

For the international business community, the significance of these weather cycles extends to macro-economic stability. Persistent dry weather can impact GDP growth by raising the cost of basic services and reducing agricultural output. Strategic planning for 2026 and 2027 must account for these climatic variables. Meteorologists at Colorado State University note that El Niño also tends to reduce hurricane activity in the Atlantic, which may provide some relief for coastal logistics, but the primary threat remains the inland hydrological deficit.

As the Ministerio de Ambiente y Desarrollo Sostenible activates preventive mechanisms, companies are encouraged to review their energy procurement strategies and water management protocols. The next comprehensive diagnostic update from NOAA is scheduled for May 14, 2026, which will provide further clarity on the intensity of the projected warming trend. Understanding the mechanics of the ENSO cycle is no longer a matter of environmental interest but a necessity for risk mitigation in the Colombian market.

Headline photo: the Pacific Ocean from Guachalito Beach, Chocó, Colombia (photo © Loren Moss)

Higher grades at Segovia drive output and revenue gains

Vancouver-based Aris Mining Corporation (TSX: ARIS; NYSE: ARIS) reported preliminary first-quarter 2026 gold production of 74,300 ounces from its two underground mines in Colombia, representing a 6% increase over the fourth quarter of 2025 and a 36% increase compared to the same period a year earlier.

The company said it sold 74,800 ounces of gold during the quarter at an average realized price exceeding $4,860 USD per ounce, generating gold revenue of more than $360 million USD. That figure marks a 20% increase from Q4 2025 revenue of $301 million USD and more than double the $154 million USD reported in Q1 2025. The company reported a cash balance exceeding $470 million USD as of March 31, 2026, an increase of approximately $80 million USD from the end of the previous quarter.

“We expect Q1 2026 gold revenue to exceed $360 million, a significant increase from $154 million in Q1 2025 and $301 million in Q4 2025, driven by higher gold prices and increased ounces sold.” — Neil Woodyer, Chair and CEO, Aris Mining Corporation

The production gains were concentrated at Aris Mining’s Segovia operation in the department of Antioquia, which produced 66,600 ounces during the quarter, up from 63,100 ounces in Q4 2025 and 47,500 ounces in Q1 2025. The year-over-year increase of 40% at Segovia was driven primarily by a notable improvement in ore grade. The average gold grade processed rose to 12.41 grams per ton from 9.37 grams per ton a year earlier, a 32% increase, while the volume of ore processed increased 5% to 175,000 tons. Recovery rates held at 95.3%, compared to 96.1% in both the prior quarter and Q1 2025.

The higher grades offset a decline in throughput compared to Q4 2025, when the mine processed 201,000 tons at an average grade of 10.10 grams per ton. Aris Mining completed installation of a second mill at Segovia in June 2025, increasing processing capacity by 50% to 3,000 tons per day, and the company has indicated that the ramp-up at the operation is continuing.

At the Marmato mine in the department of Caldas, production totaled 7,800 ounces in Q1 2026, an increase from 6,700 ounces in Q4 2025 and 7,200 ounces in Q1 2025. Marmato processed 77,000 tons of ore at an average grade of 3.53 grams per ton during the quarter, compared to 75,000 tons at 3.12 grams per ton in Q4 2025. Recovery rates at Marmato declined slightly to 89.6% from 90.8% in the prior quarter.

Consolidated Production Summary

Gold production and sales	Q1 2026	Q4 2025	Q1 2025
Segovia (koz)	66.6	63.1	47.5
Marmato (koz)	7.8	6.7	7.2
Total production (koz)	74.3	69.9	54.8
Total sales (koz)	74.8	71.7	54.3

Growth Outlook

Neil Woodyer, the company’s chair and CEO, said production growth in 2026 is expected to be weighted toward the second half of the year. The company is building a new bulk mine and carbon-in-pulp (CIP) processing plant at Marmato, with first gold expected in Q4 2026. At steady state, the expanded Marmato operation is expected to produce approximately 200,000 ounces per year.

Together, the Segovia and Marmato expansions are expected to increase Aris Mining’s annual gold production to approximately 500,000 ounces. The two mines produced a combined 257,000 ounces in 2025.

Beyond its operating mines, Aris Mining is advancing the Soto Norte gold project in the department of Santander, Colombia, where environmental studies are being finalized for submission in Q2 2026 to initiate the licensing process. The company also holds the Toroparu gold project in Guyana, where a prefeasibility study is underway and a construction decision is expected in early 2027. These projects form part of Aris Mining’s longer-term objective of reaching approximately 1 million ounces of annual gold production, though that target includes estimates from a preliminary economic assessment for Toroparu that the company has cautioned are based on inferred mineral resources and are speculative in nature.

The company expects to report full Q1 2026 financial and operating results on or about May 6, 2026. The quarterly results contained in the April 7 announcement are preliminary and may differ from final figures.

Aris Mining is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol ARIS. Company filings are available through SEDAR+ and the US Securities and Exchange Commission.

Activity cools to 2.1% annual expansion.

Economic activity in Colombia expanded at an estimated annual rate of 2.1% during the first quarter of 2026. According to the latest NowCast report issued by the Grupo Cibest, unit of Bancolombia (NYSE: CIB, BVC: BCOLOMBIA), this outcome reflects a loss of momentum compared to the rolling quarter ended in February. That previous period recorded a growth of 2.2%, which was revised downward by 10 basis points from an initial estimate of 2.3%.

The 2.1% growth rate for the quarter indicates a slowdown relative to both the market consensus average of 2.7% and the internal growth forecast of 3.3% held by the bank. On a month-over-month basis, the seasonally adjusted series of the NowCast index posted a 1.3% contraction in March 2026. When compared to March 2025, economic activity grew by 2% year over year, representing a 50-basis-point decline from the 2.5% reading recorded the previous month.

“Overall, these results suggest that the economy is beginning to lose steam, amid multiple sources of uncertainty.” — NowCast Bancolombia Report

Analysis at the sector level reveals a broadly weaker growth profile, with deceleration appearing across most productive areas. Slower momentum was identified in trade, manufacturing, recreation, real estate, and financial services. Manufacturing expansion cooled to 1.0% in March 2026, while financial services recorded marginal growth of 0.6%. The real estate sector maintained a steady growth rate of 1.9%.

Construction and communications were the only sectors to record negative growth during the period. The construction sector saw a significant downturn, contracting by 2.3% in March 2026 after having posted 1.4% growth in February. The information and communications sector contracted by 0.4%, marking its fourth consecutive month in contractionary territory. Conversely, acceleration was noted in public administration, which grew by 5.1%, agriculture at 3.7%, and mining at 0.8%.

The NowCast family of indicators is prepared by Grupo Cibest through the processing and aggregation of transaction data from the bank’s various payment channels. Using advanced quantitative tools, the index provides high-frequency estimates of Colombian productive activity to complement official data from the Departamento Administrativo Nacional de Estadística. The report was authored by Arturo Yesid González Peña, Head of Quantitative and Analytics, and Sebastián Ospina Cuartas, Data Controller.

The report also incorporates data from the Bloomberg platform and FocusEconomics Consensus Forecasts to provide broader economic context. While the national economy remains in expansionary territory, the analysts suggest that the current results indicate the market is losing steam due to various sources of domestic uncertainty.

Credit downgrade is an indictment of the Petro administration’s fiscal management, including suspension of the fiscal rule.

On April 8, 2026, S&P Global Ratings (NYSE: SPGI) lowered its long-term foreign currency sovereign credit rating on Colombia to BB- from BB and its long-term local currency rating to BB from BB+. The outlook for both ratings is stable, reflecting expectations that the Government of Colombia will gradually reduce its fiscal deficit while sustaining moderate growth in the national gross domestic product.

The rating action follows persistent fiscal imbalances and a policy environment that has become less predictable since the pandemic-related recession. The government decision to suspend the national fiscal rule in 2025 marked a significant shift in the policy framework. Pro-cyclical fiscal policies have provided marginal support for employment and consumption, but have also contributed to higher inflation expectations and a wider current account deficit. S&P expects the general government fiscal deficit to reach 5.6% of the national gross domestic product in 2026, compared to 5.3% in 2025.

“We expect Colombia to have consistently large fiscal deficits over the next few years.” — S&P Global Ratings

Institutional stability remains a key factor in the rating, though challenges persist. A fragmented legislature followed the March 2026 elections, where Pacto Histórico and Centro Democrático emerged with the largest minorities. The upcoming presidential election, scheduled for May 31, 2026, adds further uncertainty. Candidates such as Iván Cepeda of Pacto Histórico, Paloma Valencia, and Abelardo de la Espriella have proposed varying approaches to fiscal consolidation. The new administration will inherit spending pressures related to domestic security, rising healthcare costs, and pension payments linked to minimum wage increases.

The Banco de la República, the independent central bank of the country, has maintained a tight monetary policy to combat inflationary pressures. Annual inflation reached 5.3% in February 2026, prompting the bank to increase reference rates to 11.25%. S&P anticipates that inflation will not return to the target range of 3% +/- 1% until early 2029. While the independent status of the central bank provides a buffer against external shocks, high interest rates and lower-than-expected revenue collections have contributed to the widening deficit since 2024.

Economic growth is projected at 2.5% for 2026, slightly below the 2.6% recorded in 2025. Per capita growth is estimated at $9,900 USD for 2026, with real growth expected to average just above 2% through 2029. Despite being a net energy exporter, the performance of the US economy and international energy prices continue to influence national outcomes. Hydrocarbon exports declined to 35% of goods exports in 2025, down from 67% in 2013, showing some diversification even as the sector remains a primary source of volatility.

Net general government debt is forecast to approach 66% of the national gross domestic product by 2029, rising from 60.4% in 2025. S&P notes that the government interest burden will average 12.3% of general government revenue over the next three years. The shift toward issuing shorter-term debt instruments has reduced reported interest payments but increased vulnerability to interest rate fluctuations. External indicators remain a concern, with narrow net external debt expected to stabilize at 130% of current account receipts through 2029. Foreign direct investment is expected to be the primary source for funding the current account deficit, which is projected to stabilize around 2.6% of the national gross domestic product.

Vise photo credit © Loren Moss

Stronger peso and oil prices shift Colombian investment landscape.

The Colombian peso (COP) experienced a 2.1% appreciation during March 2026, driven by a recovery in global oil prices and key domestic developments. According to the latest analysis from Bancolombia (BVC: BCOLOMBIA / NYSE: CIB), the performance of the currency coincided with the results of national legislative elections and recent monetary policy adjustments by the Banco de la República.

Global energy markets recorded a significant increase in crude prices throughout the month. Brent crude rose 63% to end March at $118 USD per barrel, while West Texas Intermediate (WTI) increased 51% to close at $101 USD per barrel. These price movements have been largely attributed to geopolitical tensions in the Middle East, which continue to influence international commodity flows and investor sentiment.

On the domestic front, the Gran Coalición por Colombia primary election recorded a turnout of more than 5 million voters. Market analysts indicated that the high participation rate was viewed as a positive indicator of institutional stability. Simultaneously, the Board of Directors of the Banco de la República increased the national policy interest rate by 100 basis points, bringing the benchmark rate to 11.25%. This decision aligns with regional efforts to manage inflationary pressures through tighter monetary control.

International market conditions also reflect a shift in expectations regarding the Federal Reserve. Due to ongoing conflict in the Middle East and persistent economic indicators, markets currently anticipate that the US central bank will maintain existing interest rates without cuts for the remainder of the year.

Looking forward to April, the research team at Bancolombia—led by Chief Economist Laura Clavijo, Macroeconomic Manager Jose Luis Mojica, and International and FX Analyst Maria Paula Gonzalez—projects that the exchange rate will trade within a range of $3,625 COP to $3,725 COP. This forecast accounts for continued volatility and heightened uncertainty in both global and domestic financial markets.

Bancolombia (photo © Loren Moss)

Media partnership showcases urban social investment strategies in Colombia.

The History Channel is scheduled to premiere a new documentary titled Parceros on April 29, 2026. The 43-minute production, developed in collaboration with the Alcaldía de Medellín, examines the social challenges facing youth in the city’s communes and the state-led initiatives designed to mitigate the influence of criminal structures.

The documentary focuses on the Parceros program, an initiative managed by the Secretaría de Seguridad y Convivencia of Medellín. The program provides psychosocial support, academic training, and employment pathways for children, adolescents, and young adults at risk of recruitment by organized crime. According to municipal data, approximately 350 criminal groups operate within Medellín, involving an estimated 6,000 to 12,000 individuals. The program has served over 9,000 participants between 2024 and 2025, with a target of reaching 15,000 individuals by the end of the current four-year term.

“When the public sector works hand in hand with social organizations and media with global reach, the impact is multiplied.” — Federico Gutiérrez, Mayor of Medellín.

Federico Gutiérrez, the Mayor of Medellín, stated that the partnership with international media outlets aims to increase the visibility of the city’s social transformation. He noted that the collaboration between the public sector and global organizations facilitates a broader impact for regional infrastructure and social programs. The documentary features Argentine actor and producer Michel Brown, who serves as the primary narrator and interacts with participants to document their transition from informal or illegal activities toward stable employment and entrepreneurship.

The production follows the individual trajectories of three participants: Marcela, Alejandro, and Juan Sebastian. These accounts detail the transition from situations involving homelessness, illegal activities, and exploitation toward roles in municipal security management, private business ownership, and the local tourism sector. Paulina Patiño, director of the Parceros program, indicated that the initiative focuses on building human capital and providing alternatives to the economic incentives offered by local criminal organizations.

Produced by A+E Networks (NYSE: DIS) in association with Loso Producciones and co-produced by Lulo Films, the project reflects a trend of utilizing high-production-value media to document ESG-related social investments in Latin America. Cesar Sabroso, Senior VP of Marketing at A+E Networks Latin America, emphasized the company’s objective to distribute these narratives across the region to highlight successful intervention models.

Medellín continues to be a focal point for international observers due to its ongoing social transformation and its status as a hub for the global creative economy. The documentary intends to provide a technical look at how targeted social spending and public-private partnerships can alter the demographic trajectory of urban centers in Colombia and the broader US interest area.

Headline photo of Medellín’s Comuna 13 (photo © Loren Moss)

Boosting Colombia’s renewable energy capacity and grid reliability.

The Financiera de Desarrollo Nacional (FDN), a member of the Grupo Bicentenario, has announced its participation in the financial closing of the El Campano Solar Park. Located in Chinu, Cordoba, the renewable energy project is designed to strengthen national energy security and support the transition toward cleaner power sources.

The initiative involves the development, construction, and operation of a photovoltaic solar plant with an installed capacity of 128.8 MWdc (99.9 MWac). The facility is scheduled to begin commercial operations by the third quarter of 2027.

The financial structure includes a commitment from the FDN of up to $157.5 billion COP, consisting of senior debt and a bank guarantee. This contribution represents approximately 50% of the total project debt. The total investment for the project is estimated at $453.9 billion COP, utilizing a framework that combines private equity and long-term debt.

“The financial closing of the El Campano Solar Park represents a firm step in the consolidation of a cleaner, more resilient, and sustainable energy matrix for Colombia.” — Rafael Herz, acting president of the FDN

“The financial closing of the El Campano Solar Park represents a firm step in the consolidation of a cleaner, more resilient, and sustainable energy matrix for Colombia,” stated Rafael Herz, acting president of the FDN. “At FDN, we remain committed to mobilizing investment toward strategic projects that not only strengthen the country’s infrastructure but also generate positive environmental and social impacts in the regions.”

Revenue for the El Campano Solar Park is supported by a 15-year energy purchase agreement (PPA) with ISAGEN, a company maintaining a AAA credit rating. The contract operates under a “pay-as-generated” modality. Furthermore, the project is set to receive income via the Cargo por Confiabilidad (Reliability Charge) over a 20-year period, a mechanism intended to ensure long-term financial stability and debt service capacity.

The project is being developed by Atlas Renewable Energy in partnership with ISAGEN (BVC: ISAGEN). This collaboration is part of a broader joint strategy aiming to develop up to 1,000 MW of solar projects in Colombia by 2030.

In addition to its contribution to the Sistema Interconectado Nacional (National Interconnected System), the project is expected to reduce carbon dioxide emissions by approximately 4 million tons over its operational lifespan. This alignment follows national objectives regarding sustainability and climate change mitigation.

According to the FDN, the project integrates environmental, social, and governance (ESG) criteria into the financing decision-making process, focusing on the decarbonization of the economy and regional development.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has entered into a formal payment agreement with the Government of Colombia to settle outstanding balances from the Fuel Price Stabilization Fund, known in Spanish as the Fondo de Estabilización de Precios de los Combustibles (FEPC). The agreement, reached through the Ministerio de Hacienda y Crédito Público and the Ministerio de Minas y Energía, addresses $1.6 trillion COP owed for the first quarter of 2025.

Under the terms of Resolutions 00368 and 00369 issued by the Dirección de Hidrocarburos, the total amount is divided between Ecopetrol S.A., which is owed $1.2 trillion COP, and Refinería de Cartagena S.A.S. (Reficar), which is owed $0.4 trillion COP. The repayment schedule began with a cash transfer of $2.89 billion COP on April 1, 2026. The remaining balance of approximately $1.55 trillion COP is scheduled to be paid on December 15, 2026, through the issuance of Treasury Securities, or Títulos de Tesorería (TES). The Colombian state has acknowledged the financial costs associated with the time elapsed until the final December payment.

“The Ecopetrol Group continues to work in close coordination with the Ministries of Finance and Public Credit and of Mines and Energy — the authorities responsible for fuel pricing policy — in the implementation of payment mechanisms and the reduction of FEPC balances.” — Ecopetrol S.A.

Concurrent with the subsidy settlement, Ecopetrol received authorization from the Ministerio de Hacienda y Crédito Público via Resolution 0666 to execute an external public debt management transaction totaling $1.25 billion USD. The five-year loan was secured through a consortium of international lenders including BBVA (BME: BBVA; NYSE: BBVA), Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), and Bank of China (HKG: 3988). The credit facility carries a floating interest rate indexed to the Secured Overnight Financing Rate (SOFR) and will be repaid in four equal installments.

The proceeds from the $1.25 billion USD loan are designated for the repayment of existing obligations. Specifically, $1.2 billion USD will be used to settle a 2024 loan previously authorized for the acquisition of the state’s interest in Interconexión Eléctrica S.A. E.S.P. (ISA), while the remaining $50 million USD will be applied to an outstanding balance from a 2025 credit agreement. The loan agreement is governed by the laws of the State of New York and includes standard covenants regarding the borrower’s payment capacity and financial integrity.

These financial maneuvers are intended to optimize the maturity profile of the Ecopetrol Group, which remains responsible for over 60% of hydrocarbon production in Colombia. The company continues to operate integrated systems in transportation, refining, and petrochemicals, with additional international operations in the US Permian basin, the Gulf of Mexico, Brazil, and Mexico.

New luxury hospitality project strengthens Cartagena’s investment profile.

Four Seasons Hotel and Residences Cartagena officially opened on April 2, 2026, marking the third property for the hospitality brand in Colombia. The project is a joint venture with San Francisco Investments, a subsidiary of the Valorem holding company. Located in the Getsemaní neighborhood, the hotel is situated near the UNESCO World Heritage Site Walled City and the Cartagena Convention Center.

The development involved the multi-year restoration of several historic buildings, including the 1920s-era former Club Cartagena. The architectural and interior design was led by the late François Catroux, with additional technical expertise provided by WATG and Wimberly Interiors. The food and beverage concepts were developed by SBM Interior Design and AvroKO. Landscape architecture for the rooftop and grounds was managed by Enea Garden Design, led by Carolina Jaimes.

“Welcoming a third Four Seasons to Colombia, joining our Bogotá and Casa Medina Bogotá properties, marks an important milestone in the continued expansion of our global portfolio,” said Rainer Stampfer, Four Seasons President of Global Operations, Hotels and Resorts.

The hotel features 131 guest rooms, 27 of which are colonial-style suites located within the heritage wing. These units include preserved architectural elements and custom furnishings designed by Poli Mallarino. The property also contains Private Residences designed by Rodriguez Valencia Arquitectos. The primary presidential suite, known as the Catroux Suite, features a private elevator and a terrace with a Moorish-inspired fountain by María Cecilia Franco Berón.

There are eight dining and drinking venues on the property. The Grand Grill and Bar Lelarge were conceptualized by Major Food Group, focusing on steakhouse traditions and seasonal cocktails. Additional venues include Café Rialto, Pizzeria Della Chiesa, El Aljibe, El Patio del Limonar, and the rooftop sunset lounge, El Palmar. Lighting for these venues was designed by Lang Lighting Design.

Wellness facilities include the Umari Spa, which offers six treatment rooms and uses botanical ingredients derived from the umari plant. For business events and social functions, the hotel provides several spaces, including the Ballroom de la Veracruz, which can host 300 guests and features a centuries-old fresco. The Ballroom Centenario provides views of the Walled City for smaller gatherings of up to 100 people.

Four Seasons Hotels and Resorts is a global hospitality company partially owned by Kingdom Holding Company (TADAWUL: 4280). The company currently operates 136 hotels and 61 residential properties across 47 countries, with more than 60 projects currently in its development pipeline. In Cartagena, the hotel operations are led by General Manager Annie Monnier.

Renewable expansion strengthens Colombia energy matrix for investors.

The Norwegian renewable energy company Scatec ASA (OSE: SCATC) has reached financial close and initiated construction on the Barzalosa solar power plant in Colombia. The project, located in the municipio of Nariño within the department of Cundinamarca, has a planned capacity of 130 MWp. Total capital expenditure for the facility is estimated at $121 million USD.

The financing structure for the project is based on a 70% leverage model, utilizing a combination of equity and non-recourse debt. Scatec holds a 65% equity stake in the venture, while Norfund, the Norwegian investment fund for developing countries, provides the remaining 35%. The senior debt was provided by Bancolombia S.A. (NYSE: CIB; BVC: BCOLOMBIA) and the Financiera de Desarrollo Nacional (FDN).

The Financiera de Desarrollo Nacional committed a total of 200,358 million COP to the project. This includes a senior debt facility of up to 164,458 million COP with a term of 18 years, representing approximately 50% of the total project debt. Additionally, the FDN provided a bank guarantee of up to 35,900 million COP to substitute reserve accounts for debt service and operation and maintenance costs. The FDN also acted as a co-structurer for the financial framework of the operation.

“The financing of the Barzalosa project reflects the capacity of the FDN to structure long-term financial solutions that make strategic energy transition projects in Colombia viable,” said Enrique Cadena, Vice President of Structured Finance at the FDN.

The law firm Holland & Knight served as legal counsel to the lenders, Bancolombia and FDN, in the COP 330 billion financing transaction. The legal team was led by partner María Juliana Saa, with support from partner Inés Elvira Vesga and associates Juan Sebastián Parra and Juan Felipe Alonso. Other legal and financial advisors involved in the transaction included Cuatrecasas, which advised the borrower; Brigard Urrutia, which advised FDN regarding the credit facility; and Astris Finance, which provided financial structuring advice.

Revenue for the plant will be supported by a 15-year Power Purchase Agreement (PPA) with BTG Pactual Comercializadora de Energía (BVMF: BPAC11). The agreement covers 85% of the estimated energy production and is denominated in Colombian pesos, with adjustments based on the Producer Price Index. The remaining 15% of production will be sold on the Colombian spot market. The project is also eligible for the Cargo por Confiabilidad (reliability charge) and may access resources from the Inter-American Development Bank and the Climate Investment Funds.

Construction includes the installation of the solar array and the development of a six-kilometer transmission line to connect the plant to the national grid. Scatec is acting as the lead developer and the designated Engineering, Procurement, and Construction (EPC) provider, covering approximately 70% of the capital expenditure. The company will also manage operations, maintenance, and asset management. The Barzalosa plant is expected to reach its commercial operation date in the first half of 2027.

Innovative service models strengthen Bogotá’s tourism infrastructure.

Colombia’s economic landscape is undergoing a profound transformation, driven not only by institutional shifts but by the indomitable spirit of its local entrepreneurs. The story of Julio Jiménez, founder of American Visa Hotel, serves as a powerful testament to the social mobility and resilience defining the country’s modern business narrative. From selling empanadas as a child to managing a diverse portfolio of hospitality and logistics assets, Jiménez embodies the grit that is reshaping the nation’s service sector.

Click above to watch the video!

In this exclusive interview, Loren Moss of Finance Colombia sits down with Jiménez at his newest property, Destino. Their conversation covers a journey of hardship, recovery, and a radical commitment to social responsibility that challenges traditional corporate models. For the international investment community, Jiménez’s trajectory offers a window into the burgeoning mid-market hospitality segments that are being built on authentic local experience and a rigorous focus on consumer security.

This evolution is particularly evident in his recent move to professionalize the transportation industry at El Dorado International Airport. By integrating technology and hospitality standards into the taxi sector, Jiménez is working to eliminate the friction points that historically deter foreign business travelers. It is a narrative of redemption and professionalization that highlights why Colombia continues to maintain its competitive edge in the regional tourism market.

Finance Colombia: I’m here with Julio Jiménez, the founder of American Visa, and here we are in one of his American Visa hotels, ‘Destino.’ And it’s an interesting name that the company has but the most fascinating thing is your history. Tell me how you started in business. Very young, right?

Julio Jiménez: Yes, since I was 8 years old. I had a struggle, grieving when my father separated from my mother. Four brothers stayed practically in one room, in one bedroom. Five people: my mother, my four brothers; struggling a lot, because of the separation. And from there we started working, because since then I started doing business, since I was 8 years old.

Finance Colombia: Wow, and what was your first business?

Julio Jiménez: My first business was to tell the principal of the school where I studied that we didn’t have anything to eat, and she should let us sell some empanadas, we had empanadas for sale and I started selling empanadas in the Cooperative at the age of 8 years old.

Finance Colombia: And that was here in Bogotá?

Julio Jiménez: In Bogotá.

Finance Colombia: Okay, and after that you started to work at the airport, right?

Julio Jiménez: Well, the bad thing about the empanadas was that I stayed with the empanadas until I was 19 years old. I saw money; I didn’t study anymore. I wasn’t inclined to study, I left after 5th grade but I started selling empanadas at the age of 10, 12, 14 years old and I was able to develop my mind, because I had a stand of empanadas in a corner where I was serving 50 people at once.

Finance Colombia: Wow.

Julio Jiménez: Taxi drivers, regular people, would come to my empanadas stand where I had two soda cases, 300 empanadas, butter, dough and a lot of people talked to me at the same time and I didn’t write anything down. I had a mind where… I knew you ate beef, chicken, a Hawaiian and you ate, and you ate… So I talked to 50 people at once and I was able to develop my mind, a photographic memory, a unique memory. Math is adding and subtracting, just that: to add, subtract, divide and multiply, and I developed my mind. After being an empanadas vendor, at the age of 19, I got married. I started gambling, I got addicted to it. When as a child you see money, and you don’t have a guide, a guide on how to manage finances, how to save money well… Money has chased me all my life, the money, the business, but I’ve been a bad administrator. I fell into gambling since I was 12 years old. Problems with ludomania, addiction, ludomania is the game: casino, gambling.

Finance Colombia: Yes, yes.

Julio Jiménez: Only 3 years ago I recovered from gambling. But the issue here that I want to tell you about is that I had many struggles in my life: hardship, hardship and more hardship. But from hardship something good always comes out. The teachings of each mark, of each wound, of each blow. Then I became a taxi driver at 21 years old, and I drove taxis for 14 years. As a taxi driver, I understood and I knew that I was very good with numbers and with the auditory part, and so I had three radio phones in my taxi listening to where they asked for taxis.

Finance Colombia: Yes.

Julio Jiménez: One here, another here, and I went around all of Bogotá driving but also getting to know people and listening. I’ve been very good at listening. I’ve never read, now I’ve read the Bible, but I’ve never read. But I listened, I listened when people get upset, I listened when people have good energy, when people are positive, when they are negative. And all that I learned in my taxi. Until I saw the El Dorado airport. Because of the people I took to the airport. I’d get to the airport, they’d get off my taxi, but someone else would come and say, “Hey, take me to the hotel.” And the hotels I would take them to, 15 years ago… As a taxi driver, they asked me for hotels. I took them to hotels where they gave a commission to the taxi driver, a commission of, I don’t know, at that time it was 30,000 COP, it was 10 USD today. I’d get to the hotels, they gave me my commission, 2 or 3 a day. I wondered, “What do the people that stay at the airport do?” I dared to let go of my taxi, which was what I knew how to do. I know how to do 3 things in life: drive a taxi, sell empanadas and sell hotels. That’s my art, what I learned. I let go of my taxi and I started selling hotels at the airport. I went from a taxi driver, to getting out of it, asking for permission to a hotel at that time, 15 years ago, I said, “Give me a certificate and back me up so I can be at the airport with a sign-”

“When you dedicate yourself to serve, to help, to protect. That is the motto of the American Visa company.” — Julio Jiménez, Founder of American Visa Hotel.

Finance Colombia: ‘And I’ll get you customers.’

Julio Jiménez: Lorenzo you need a hotel, I have a hotel near the airport, I’ll take you, bring you back, give you food, the entire service. And I started, and like me there were already 200 people working in different shifts, it was a closed circle, that business has been there for 40 years, at the airport. It’s called informalism, being touts. Those that when you get off, “I have the Uber, I have the Uber.” In the whole world, even in China, there are airport touts. So I started selling hotels and it turns out that they are talking to the best speaker, because my God gave me a gift to know how to express myself, to know how to convince and I started selling hotels and I sold 15 rooms daily, when I started 15 years ago, and 15 rooms with 50 percent commissions…

Finance Colombia: That’s very profitable.

Julio Jiménez: Profitable, tempting, but there is also indiscipline, because 15 years ago I wasn’t very disciplined. I was still doing drugs, gambling, alcohol, women, treachery, learning. For me it was easy to earn 500 USD a day in commissions but it was also easy to spend them in one hour.

Finance Colombia: Easy come, easy go.

Julio Jiménez: Correct.

Finance Colombia: You still didn’t have discipline to save.

Julio Jiménez: No, I was paving the road, as I always say, I always had that hardship. The ludomania, addiction management, gambling management, emotions management. I was hospitalized for 4 months in a clinic 14 years ago for gambling management. I committed myself for 4 months in a clinic for addiction management because I got obsessed with gambling.

Finance Colombia: And how did you get over that eventually?

Julio Jiménez: Look, I spent 4 months with psychology, psychiatry in the clinic, here in Bogotá, my diagnosis wasn’t bipolar, it wasn’t schizophrenic but it was compulsive gambler, and that is the worst of all.

Finance Colombia: Addicted to dopamine.

Julio Jiménez: To dopamine, serotonin, endorphins. Everything, everything, everything, has to be like this. And the compulsive gambler risks everything, he does not lose, he plays everything. Unfortunately that was almost all of my life. Many pitfalls and many defeats, since very young the money came to my life and I didn’t know how to handle it, then I met the Lord when I met Jesus Christ… 3 years ago I fell to the feet of Jesus before the pandemic. 6 years ago I had a business opportunity, I left the airport when the pandemic came, I started with a small hotel of 12 rooms, the pandemic came and everything broke. When they reopen hotels, it takes me out of the airport. At the airport they did not want to see me because of a betrayal. I set up a business in the airport before the pandemic, a special transport business of white cars (formalized, legal transportation), and the people in the airport with whom I set up the business betrayed me, he remained because he was a lawyer and I had nothing. He ran things there, and they said, “Julio, don’t call us, we will call you.” They removed me from the airport. I went to the transport terminal.

Finance Colombia: In Salitre, yes.

Julio Jiménez: That’s where I worked as a tout. “Hotel, hotel!” It wasn’t the airport but it was a terminal. We start the travel agency American Visa Tours. It still exists. It is a long story, it would take two hours to tell it because it is already edited even for a book, they already made a script of how everything happened. Because the spiritual connection with God was very big because in the terminal when it was closed for the pandemic, the people were thrown outside. A group of foreigners, of Venezuelans, of Colombians, There was no transport, they’d get here and get tossed on the ground. I had a hotel with 12 empty rooms, so what did I do? I had three trucks like this, owed 8 months’ rent. But I wanted to start again.

During that learning lesson there were nights that I went out to hustle, I loaded people from Cúcuta, I arrived and I loaded people in the terminal, “Going to Cúcuta?” in my truck. I put 11 passengers and took them to Cúcuta. I did like 10 trips. And during that time while I offered that illegal transport to Cúcuta, because it had ended, they also asked me about hotels, so I packaged hotel and transport, so I could survive, but in that time I realized that people couldn’t pay. Not for the hotel, or transport, or food. Because they are like refugees, if it’s bad here, it’s worse in Venezuela. So what did we do, what did the Lord do through me? I have an empty hotel, I have a truck to take people, it’s raining, kids are getting wet, the grandparents, the pregnant women… Let’s help them. And on several occasions we opened the hotel doors, which was broke. And we gave them free nights and gifted them a chicken or something to eat.

There, my dear Lorenzo, Heaven’s doors opened, and American Visa started. With that act of faith, of love, I don’t know what happened, God simply made a blessing here because for the past 6 years American Visa, which was born in that hardship, has not stopped receiving blessings. Today we are a hotel chain with 8 hotels. A travel agency, three agencies we own, the restaurant chain the technology company. More than 7 companies.

Finance Colombia: These hotels are beautiful. I think it’s new, it’s like international class. We went, without knowing you, we went to eat in Camelia, your restaurant in route 40, yesterday. It’s good. I’m always here in Bogotá in an event in Corferias. I remember seeing your brand in front of the embassy because you have services, packages, everything included not only for holidays but people who come for business in the embassy, people who are in Corferias because everything here is close to Corferias. What is like, the market or what is the audience or the passengers you aim for? I’m not going to say strategy, but which travelers fit best with what you do?

Julio Jiménez: I learned as a taxi driver that a tourist requires a hotel. Requires a good restaurant and requires security. When the three things are given to a tourist, it turns into an ecosystem. Why not build the ecosystem? Transport, tourism accommodation, restaurants everything they need in one place. That’s what American Visa does. And everyone who arrives at the airport, well now with technology and social media and digital media many people are getting to know us. But my true business, where I started, it was airlines. When they lose a connecting flight, when they cancel a lot of flights, what they do is call American Visa. Because we have restaurants 24 hours, transport 24 hours and everything is ready to see you. From one to a thousand people a day.

Finance Colombia: It has happened to me many times in El Dorado, going back to Rionegro. It has happened to me.

Julio Jiménez: Now with this gigantic ecosystem, here we have over 500 rooms in Bogotá, not only for airlines but also to receive the international agencies that arrive in Bogotá. We receive them 24 hours, we have service in the airport 24 hours 365 days a year in which the first thing you do is to have kind face to greet you and take you to the hotel without cost because it is included in the package. We have a restaurant that works 24 hours so whenever you get there, you’ll find food. We have our agents, language, we have our employees who work here willing to give love.

Finance Colombia: And that is the last thing I wanted to talk to you about, that this moment is my first time to meet you but I have known… We are here recording the ANATO Vitrina Turística event, the most important tourism event in Colombia, and I met people from your American Visa team, and they all have a commitment that they show but apart from that I have heard stories or cases of employees with humble beginnings, a lady whose mother had cancer and she came to you for a loan, and you were like “It’s no trouble.” And when people talk well about you behind your back, that speaks volumes.

Julio Jiménez: Look, the social aspect, when God blesses us, I met the Lord 6 years ago, when we helped those people on the ground, when we gave them shelter and food. God opens the gates of Heaven and the door opens. That also opens my heart. I have a duty, for the 35 years that I spent gambling, to help, to serve and protect. Today my debt is not with the casino nor with their people but with the people who need help. God transformed all of my illness. Because I keep praying every day. I wake up at 3:30 AM to connect with the Lord and to plan my day and I go to bed at 10 or 11 PM planning what business we are going to do. If there is no business, there is no risk. When you fail, it is cowardice. But when you don’t fail you can know for certain that God has picked you up for good. He does not fail. You are the one who fails. If you don’t fail, there will be no failure.

Every business shines, every business prospers, if you put it in God’s hands. And how? With service. thinking that the person who you help, whether good or bad, a believer or not, is a human being, who needs an opportunity. And American Visa is dedicated today to opportunities it is the company of opportunities. We receive people who have been in jail, people who have made mistakes, those who do not know how to read, those who can’t write, those that have many titles and need to be trained because the ego is killing them. Because today the biggest disease in the world is the ego, and depression, anxiety, so here we are about receiving everyone, giving them a hug and finding the wound to heal the soul. When you heal the soul you connect with God.

Finance Colombia: And I believe that also when you come from humble beginnings, you know what’s it like to go hungry, it is different from someone who is born with a silver spoon in their mouth. It is different when you know what’s it like to ask for a chance. when you know how it is to sleep on the floor, like when you were helping them. And helping them without knowing what will happen later, and look at all of this. How many hotels do you have?

Julio Jiménez: Eight hotels. We own three buildings and rent five, we own the transport agencies, American Visa has absorbed the companies that today transport to the most important airport in Colombia, they are from American Visa, of the holding.

Finance Colombia: And that is important because, I’m sorry because I know it is part of your story, but the taxi drivers here in Bogotá have a bad reputation. I wouldn’t say I’m scared, but I look for white cars, because I don’t want to be scammed, to be overcharged because it’s Sunday, or because of a foreign accent, and I look for a reliable transport, reliable people. And if you offer that, how can a traveler get in touch with you? Do you have a website?

Julio Jiménez: Right now, we have just acquired the Taxi Imperial company, who manages the airport. Taxi Imperial.

Finance Colombia: I know them, yes.

Julio Jiménez: American Visa at this moment has strategies… today is February 26, 2026. I ask you that you count 6 months. Give me 6 months my dear Lorenzo, and in 6 months, I’m putting it on the record. What image is the yellow taxi going to have? In 6 months, with the help of our Lord, we plan to transform the yellow transport. You will find the cabins where you will receive a friendly attention, “Where are you going, sir?” I offer you the yellow taxi, or the special service. But the yellow taxi will come out with the predetermined rate so you will see how much the user will pay without surprises. You will have a video camera and audio, if you wish, for security, if you forget an object, if you forget a bag or anything. This project is designed in service of the user. And to improve the image of the taxi driver. But image is improved with proof. And proof will be difficult because it’s a union, I was a taxi driver for 14 years and I charged hard, we are used to charging hard. But if the people who were overcharged paid for a bad service, when you know how much you will pay, with a good service, you will use the service again.

Finance Colombia: I pay more to have no surprises, rather than look for cheap but in the end get surprises.

Julio Jiménez: No, look, I can’t go over the speed limit but I will drive you safely. I’m not going to put reggaeton music, “What music do you want to listen?” I’m going to give you a water bottle, show you the videos that we are going to put in the back, because we are going to have corporate videos about Colombian tourism. We’ll show the hotels, restaurants, travel agencies. Everything you can do in Colombia. We will be professional drivers. Not taxi drivers. Every taxi driver at the airport will be a commercial driver. Selling services, selling a safe package, we are not going to overcharge anymore, we are going to do things well. And that client, we will call them after drop off, Lorenzo is going to his house in Cedritos, in 10 minutes we will call him, “Mr. Lorenzo, how was Mr. Camilo?” “How did he treat you? Would you use the service again?” It’s a post-sale, what we plan to do. That’s why I’m saying, give us 6 months, and you’ll hear about what we did with the yellow taxi in the airport.

Finance Colombia: So in September we are going to do another interview to see how it’s going.

Julio Jiménez: Gladly, I’ll be there to give you the numbers and the statistics of how we did it.

Finance Colombia: Excellent, it’s been an honor. Look, it is impressive what you do here, thanks for your time I know you are very busy in ANATO, we are as well, but what you have done so far is very impressive, I want to see you continue with these successes.

Julio Jiménez: It is for God’s glory, for the inspiration of people to see that all dreams can be fulfilled by faith, by the name of the Lord and in the name of helping society, which is the most important thing because the last thing you think about is in the profit, it will come later. But when you dedicate yourself to serve, to help, to protect. That is the motto of the American Visa company.

Finance Colombia: Well, American Visa, thank you very much.

Julio Jiménez: Thank you Lorenzo, God be with you.

Monetary tightening impacts investment outlook in Colombia.

Colombia’s Banco de la República is preparing for a significant shift in monetary policy as inflationary risks deteriorate. According to the latest report from the Dirección de Investigaciones Económicas, Sectoriales y de Mercados at Bancolombia (NYSE: CIB), persistent internal pressures and a less favorable external environment are driving the need for a more restrictive stance.

Bancolombia’s analysts expect the Junta Directiva of the Banco de la República to increase its policy interest rate by 100 basis points, bringing it to 11.25 percent. This forecast suggests that the first half of 2026 will be characterized by a more aggressive tightening cycle than previously anticipated, with the rate potentially reaching 12.75 percent.

The international landscape is playing an increasingly decisive role in these local policy configurations. A recent week of central bank decisions globally revealed a shift in tone among major financial institutions, primarily due to rising uncertainty stemming from the conflict in Iran. This geopolitical tension has directly impacted costs for energy, transportation, and agricultural inputs.

“The increase responds to the need to send a clear signal of commitment to price stability.” — Dirección de Investigaciones Económicas, Sectoriales y de Mercados at Bancolombia.

In the US, economic activity shows signs of moderation, yet producer price inflation in February exceeded expectations. The yield curve for US Treasuries, managed by the US Department of the Treasury, has shown mixed behavior as the conflict escalates, with the spread between 10-year and 3-month bonds reaching levels not seen since 2023. Inflation expectations in the US have rebounded in the short term, though they remain anchored over longer horizons.

Forecast Category	Mar-25	Sep-25	Dec-25	Feb-26	Mar-26
Year-end 2026 Inflation	3.7%	4.0%	4.5%	6.2%	6.2%
Year-end 2027 Inflation	—	—	—	4.8%	4.8%
Year-end 2026 Policy Rate	6.50%	8.00%	9.25%	11.75%	11.75%
Year-end 2027 Policy Rate	—	—	8.00%	9.75%	10.00%

Domestically, the business indices from think-tank Fedesarrollo showed mixed results for February. However, there are positive indicators in the labor market, as the urban unemployment rate across the 13 primary metropolitan areas continued its downward trend. Additionally, goods exports recorded an advance during the same period.

In the local fixed-income market, the TES fixed-rate curve saw a recovery last week. However, the March Financial Institutions Survey suggests that devaluations of TES may persist in the short term. Long-term TES Class B placements in the first quarter reached 1.0 percent of the GDP.

Energy markets remain volatile as crude oil inventories in the US increased beyond expectations in the third week of March. Despite this, the price of Brent crude rose toward the end of the week, driven by skepticism regarding a potential ceasefire in the Middle East. The Colombian peso appreciated over the past week, tracking the intensity of the regional conflict.

The equity market results for the fourth quarter of 2025 remained neutral and aligned with market expectations. Global volatility continues to be shaped by energy shocks, geopolitical strife, and a cautious approach toward investments in artificial intelligence.

The projected rate hike by the Banco de la República is intended to send a definitive signal of commitment to price stability. This adjustment reflects not only recent inflation trends but also a strategic effort to prevent the further deterioration of expectations in a high-risk environment.

Headline image: Bogotá headquarters of Banco de la República (Banrepublica). Photo credit Juan Enrique Rodríguez, courtesy Banrepublica

While Colombia & Ecuador are at peace, the neighboring presidents have a sour relationship going back to when Colombian President Gustavo Petro initially refused to recognize Daniel Noboa’s election.

Traders and transport operators have suspended a 19-day blockade at the Rumichaca International Bridge, the primary land crossing between Colombia and Ecuador. The protest, catalyzed by a 50% tax imposed by the Ecuadorian government on Colombian goods, was lifted to accommodate travel and commerce during the Semana Santa holiday period. Despite the suspension of the strike, the regional business community reports that significant economic damage and diplomatic tensions persist.

The closure of the border crossing created a substantial disruption in binational economic activity. Estimates from the Cámara de Comercio de Ipiales in Nariño, Colombia indicate that losses reached approximately $5 million USD per day due to freight remaining stationary in the border zone. The Comité Gremial de Trabajadores de la Frontera de Ipiales stated that while the reopening is a responsible gesture for the high-traffic holiday season, current tariff policies continue to threaten hundreds of direct and indirect jobs linked to foreign trade.

The Governor of Nariño, Luis Alfonso Escobar, criticized the trade barriers implemented by the administration of Ecuadorian President Daniel Noboa. Governor Escobar argued that such measures inadvertently encourage illicit activities in the region. He emphasized that instead of facilitating formal commerce, high tariffs drive trade toward illegality, undermining regional security efforts. To mitigate the conflict, the Comunidad Andina de Naciones (CAN) has initiated high-level dialogues. Diplomatic delegations led by Colombian Deputy Minister of Foreign Affairs Juana Castro and her Ecuadorian counterpart, Alejandro Dávalos, held a virtual working group to address pending issues in trade, transport, energy, and hydrocarbons.

“Decisions adopted without considering the reality of our communities have put at risk the livelihood of merchants, transporters, foreign trade workers, and thousands of people who live from binational exchange,” stated the Comité Gremial de Trabajadores de la Frontera de Ipiales.

Diplomatic friction has extended into the energy sector. President Noboa claimed that in 2017, Ecuador assisted Colombia during a potential blackout by charging 1.6 cents USD per kWh, whereas in 2024, Colombia charged an average of 28 cents USD per kWh during Ecuador’s hydroelectric crisis. In response, the Colombian Minister of Mines and Energy, Edwin Palma, clarified that prices during the 2023-2024 El Niño phenomenon reflected the actual costs of production and distribution, particularly when fossil fuel-powered thermoelectric plants using fuel oil and diesel were activated.

The ongoing trade dispute has impacted more than 5,500 companies over the past two months. Diana Marcela Morales, the Colombian Minister of Commerce, Industry, and Tourism, confirmed scheduled meetings with Ecuadorian officials to de-escalate the conflict and establish fair, transparent rules. Concurrently, the Ministerio de Comercio, Industria y Turismo has moved to protect domestic industries by implementing new tariffs on steel and ceramics from countries without existing free trade agreements. These measures aim to counter market distortions and protect a sector that employs more than 50,000 people while promoting circular economy practices and reducing CO2 emissions.

Above photo: Border between Ecuador & Colombia looking towards Ipiales, Colombia (Photo: Cancillería de Colombia)